LSI Industries reported a solid Q4 2024, delivering a 4% year-over-year increase in quarterly revenue to $129.0 million, aided by the EMI acquisition that contributed in the quarter. Management highlighted that the full-year 2024 EBITDA margin expanded 60 basis points to 11%, with free cash flow of $38 million, and a strong balance sheet (net debt roughly $50 million, or 1x trailing twelve months EBITDA). The quarter’s results reflect a constructive mix shift and disciplined cost management, even as the grocery vertical faced demand headwinds linked to a merger-related disruption. Management signaled an investment-led growth trajectory for 2025, anchored by a robust Display Solutions backlog (notably refueling C-store programs), a ramp in EMI integration, and an expanded product roadmap including Velocity, an entirely new Lighting line set for launch in 2025. The company expects continued growth in key verticals and over 30% projected growth in Project Services for fiscal 2025, with material opportunities arising from R290 refrigerant adoption and a potential grocery-upturn that could drive higher order velocity in the back half of 2025. While macro uncertainty persists, LYTS entered 2025 with a strengthened solution set, a disciplined balance sheet, and a clear path to margin expansion through product mix, pricing discipline, and ongoing productivity initiatives.